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SGX Nifty Up 33 Points | Zomato Hits 52-Week High | SpiceJet Partners FTAI Aviation | Top Buzzing Stocks Today
Fri, 9 Jun Pre-Open

Zomato Hits 52-Week High | SpiceJet Partners FTAI Aviation | Top Buzzing Stocks Today

On Thursday, Indian share markets snapped their 4-days winning streak following the RBI policy outcome.

Benchmark indices were trading higher ahead of the RBI rate decision and rose to notch gains of nearly 0.3% after the decision, before reversing gains. The RBI maintained key policy rates as expected, but hinted at tight monetary conditions to fight inflation.

At the closing bell on Thursday, the BSE Sensex stood lower by 294 points.

Meanwhile, the NSE Nifty closed lower by 92 points.

NTPC, L&T, and Power Grid were among the top gainers.

Kotak Mahindra Bank, Sun Pharma and Tech Mahindra on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a negative note. The BSE Midcap index ended 0.9% lower and BSE SmallCap ended 0.5% lower.

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Sectoral indices ended on a mixed note with stocks in the power sector, utilities sector and metal goods sector witnessing most of the buying.

On the other hand, stocks from the realty sector and telecom sector witnessed selling pressure.

Shares of Nestle India and UltraTech Cement hit their 52-week highs.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.54 against the US$.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 59,522 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:15 AM today, the SGX Nifty was trading up by 32 points or 0.2% higher at 18,750 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of stock markets, PFC share price was on a roll over the last three quarters. In fact, it has almost doubled in that period.

So will the bull run continue? Or will the rally come to an end?

Chartist Brijesh Bhatia explains what the charts say about the stock in the below video.

Top Buzzing Stocks Today

SpiceJet will be among the top buzzing stocks today.

On 8 June 2023 SpiceJet said it will partner with FTAI Aviation, a leading aftermarket provider of engine services, to reduce maintenance expenses and aircraft downtime.

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The New York stock exchange listed FTAI Aviation will provide SpiceJet with up to 20 engines for lease, inclusive of maintenance services, the Guurgam-based airline.

The first engines will be used to support the reactivation of SpiceJet's aircraft fleet over the next two-three months and will be critical for service on new routes.

The partnership with FTAI Aviation is a step in that direction that would ensure that the fleet is up and running at all times without worries about engines or their maintenance.

Ather Industries will also be in focus today.

Aether Industries share price rallied post signing a letter of intent (LoI) with a US-based leading global oil field services company for a strategic supplier and contract manufacturing partnership.

The LoI paves the way for the execution of a strategic supply agreement (SSA) between the two companies within 3 months of the LoI execution. The LoI specifies 4 strategic products of the new customer that will be contract manufactured by Aether as the first set of products in this new partnership.

Zomato share price hits 52-week high

Zomato share price touched its 52-week high level and reached IPO price of Rs 76. Since 28 March the company's shares have been trending in the direction of their IPO price of Rs 76, and during this time, they have risen by nearly 48%.

Analysts claim that Zomato has been on a roller coaster ride in the last two years, one with a lot of volatility. However, there is finally some positive news as the company has managed to regain its IPO price, signalling a potential turnaround.

The remarkable performance of Zomato in financial year 2023 has played a crucial role in supporting the recovery of its stock price.

In comparison to the December 2022 quarter's losses of Rs 3.5 bn, the company losses narrowed for the quarter ended March 2023, at Rs 1.9 bn. Additionally, its revenue increased 70% to Rs 20.6 bn in Q4 of financial year 2023 from Rs 12.1 bn in the same period last year.

The company claimed that, excluding quick commerce, it achieved positive adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the March 2023 quarter and further stated that it aimed to achieve positive adjusted EBITDA (and PAT) incorporating quick commerce within the following four quarters.

Yulu Bikes to file for IPO in financial year 2026

Small-format, battery-operated cars are expected to create sufficient investor interest over the next few years, according to Yulu Bikes' chief executive. According to reports the company may decide to file for an initial public offering (IPO) in financial year 2026.

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With increasing traffic on the roads and the government's commitment to clean mobility, the Bengaluru-based startup, which has a strategic alliance with Bajaj Auto, sees demand for such tech-based vehicles growing.

The Amit Gupta-founded company is currently seeking to raise debt and equity in the short to medium term to fund its activities.

Aman Gupta told a leading financial in an interview that,

  • "... Based on our projections - excluding the personal mobility business which we have recently got into--we are looking at achieving profitability in the current financial year. If we can stick to this for a couple of years, we will go to the capital markets in financial year 2026"

Recently, Yulu received US $ 9 million (about Rs 742.6 m) from US Development Finance Corporation to support its growth objectives. Magna International, a manufacturer of automotive parts, led a US $ 82 m (about Rs 6,766.2 m) Series B fundraising round that the company closed in September of last year.

The 'Miracle' bike from Yulu is in high demand in major cities like Mumbai since it operates on the principle of mobility as a service (personal users must pay Rs 2/minute for rides).

Gujarat Pipavav Port resumes port activities

Gujarat Pipavav Port on June 8 said it had resumed operations after a storm knocked out the power supply on 29 May.

Gujarat Pipavav said port operations resumed on June 7 evening with the help of diesel generators after the power supply was knocked out by strong winds and heavy rain that accompanied the storm.

The company had then declared force majeure, a clause that frees up both parties from contractual obligations in the face of extraordinary events which are beyond control such as a natural disaster. A French term, it means great force.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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